Cumberland Partners Ltd Reduces Position in Open Text Co. (NASDAQ:OTEX)

Cumberland Partners Ltd lowered its position in Open Text Co. (NASDAQ:OTEX) (TSE:OTC) by 22.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,500 shares of the software maker’s stock after selling 3,800 shares during the quarter. Cumberland Partners Ltd’s holdings in Open Text were worth $569,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. IFP Advisors Inc raised its stake in Open Text by 82.0% during the 3rd quarter. IFP Advisors Inc now owns 870 shares of the software maker’s stock valued at $31,000 after acquiring an additional 392 shares during the last quarter. Pacifica Partners Inc. purchased a new stake in shares of Open Text during the fourth quarter worth approximately $32,000. Allworth Financial LP lifted its holdings in shares of Open Text by 125.7% during the third quarter. Allworth Financial LP now owns 957 shares of the software maker’s stock worth $34,000 after purchasing an additional 533 shares during the period. Impact Partnership Wealth LLC purchased a new position in Open Text in the 3rd quarter valued at $37,000. Finally, Cigna Investments Inc. New acquired a new position in Open Text in the 4th quarter valued at $211,000. 70.37% of the stock is owned by institutional investors and hedge funds.

Open Text Price Performance

OTEX stock traded down $0.15 on Wednesday, reaching $35.94. The company had a trading volume of 703,616 shares, compared to its average volume of 575,642. The company’s fifty day moving average is $38.04 and its 200 day moving average is $38.77. The company has a market cap of $9.80 billion, a P/E ratio of 76.58 and a beta of 1.09. The company has a debt-to-equity ratio of 2.10, a quick ratio of 1.38 and a current ratio of 1.38. Open Text Co. has a 1 year low of $32.04 and a 1 year high of $45.47.

Open Text (NASDAQ:OTEX) (TSE:OTC) last announced its quarterly earnings data on Thursday, February 1st. The software maker reported $1.11 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.01. Open Text had a net margin of 2.24% and a return on equity of 22.99%. The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.48 billion. On average, research analysts forecast that Open Text Co. will post 4.14 earnings per share for the current year.

Open Text Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 20th. Investors of record on Friday, March 1st were issued a $0.25 dividend. The ex-dividend date was Thursday, February 29th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.78%. Open Text’s dividend payout ratio (DPR) is presently 212.77%.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Jefferies Financial Group began coverage on shares of Open Text in a research note on Tuesday, February 27th. They issued a “buy” rating and a $45.00 target price for the company. Citigroup dropped their target price on Open Text from $44.00 to $42.00 and set a “neutral” rating on the stock in a research report on Friday, March 22nd. TD Securities lifted their price target on Open Text from $53.00 to $54.00 and gave the company a “buy” rating in a research note on Friday, February 2nd. BMO Capital Markets upped their price objective on Open Text from $48.00 to $50.00 and gave the stock an “outperform” rating in a report on Friday, February 2nd. Finally, CIBC raised their target price on Open Text from $42.00 to $44.00 and gave the company a “neutral” rating in a report on Thursday, January 11th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $46.25.

About Open Text

Open Text Corporation provides information management software and solutions. The company offers content services, which includes content collaboration and intelligent capture to records management, collaboration, e-signatures, and archiving; and operates experience cloud platform that provides customer experience and web content management, digital asset management, customer analytics, AI and insights, e-discovery, digital fax, omnichannel communications, secure messaging, and voice of customer, as well as customer journey, testing, and segmentation.